Fitch affirms Owens-Illinois

Fitch Ratings said it has affirmed all of Owens-Illinois Inc.'s and subsidiary issuer default ratings and long-term debt ratings.

The following ratings are affected:

• Owens' issuer default rating at BB and senior unsecured notes at BB-;

• Owens Brockway Glass Containers Inc.'s issuer default rating at BB; $900 million revolving credit facility at BBB-; $600 million secured term loan A at BBB-; and senior unsecured notes at BB+; and

• OI European Group, BV's issuer default rating at BB; €141 million secured term loan B at BBB-; and senior unsecured notes at BB+.

The outlook is stable.

Fitch noted that the ratings are supported by the company's good liquidity; leading global market positions with diversified end markets in certain regions; solid credit profile; a cost structure and price discipline that allows for operating leverage within the business; technology leadership; and long-term customer relationships with large, stable customers.

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